Angola
Crude oil sales represent roughly 90% of total export earnings and 70% of fiscal revenues. As a result, the economic impact of the sharp drop in crude oil prices will be widespread.
The Angolan economy has been forced onto the backfoot again, as a result of the low Brent crude price environment and subdued local oil production. These factors have prompted us to lower our economic growth forecast for this year and we now project that the economy will contract for a fourth consecutive year. Both the current account and fiscal surpluses are projected to decrease, albeit remaining in positive territory. The exchange rate’s depreciation has also quickened over the last two quarters. Nonetheless, the Angolan government is still on the right track with regards to reform processes and economic diversification. (Source: Angola Quarterly Update, published August 2019.)
Macroeconomic Data
(2018)
Fiscal Balance (as a % of GDP)
Consumer Price Index (% change y-o-y, avg)
Current Account Balance (as a % of GDP)
Real GDP (annual % change)
GDP per Capita, US$
Import Cover (months)
Population, million
Total External Debt (as a % of GDP)
2.4
20.2
7.4
-1.2
3,425.3
7.1
30.9
44.4